Key PointsThe US Dollar recovered well from the 0.9640 low against the Swiss Franc and moved above 0.9700. The USDCHF pair broke a short-term bearish trend line at 0.9705 on the hourly chart. Today, the Swiss Producer and Import Prices for May 2017 was provided by the Federal Statistical Office. The outcome was below the forecast of -0.1%, as the Producer and Import Prices declined by 0.3% (MoM). USDCHF Technical Analysis
The US Dollar faced selling pressure yesterday and declined below 0.9660 against the Swiss Franc. Later, the USDCHDF pair recovered and moved above the 0.9690 resistance and the 21 hourly simple moving average.
The pair also managed to clear the [...]
Key PointsThe British Pound recently traded higher after forming a support at 1.2770-80 against the US Dollar. The GBPUSD pair broke a major bearish trend line at 1.2855 on the hourly chart to move higher. Today in the UK, the Nationwide Housing Prices were released for May 2017. The outcome was below the forecast, as there was a decline of 0.2% (MoM), more than the forecast of -0.1%. GBPUSD Technical Analysis
The British Pound after trading towards 1.2750-70 against the US Dollar, started trading in a range and consolidated. Later, the GBPUSD pair gained momentum, and moved above the 1.2800 resistance for a move towards 1.2900.
During the upside, the pair [...]
Key PointsThe US Dollar after trading lower found support at 1.3570 against the Canadian Dollar. The USDCAD pair is attempting a recovery, but facing two important bearish trend lines with resistance near 1.3630 on the hourly chart. Recently in Canada, the Manufacturing Shipments figure for March 2017 was released by the Statistics Canada. The result was in line with the forecast, as there was an increase of 1% in the Manufacturing Shipments. USDCAD Technical Analysis
The US Dollar was under pressure this week and traded below 1.3650 against the Canadian Dollar, and later managed to find support near 1.3570. The USDCAD pair started a recovery, and just moved above the 23.6% [...]
Key PointsThe British Pound after struggling to clear the 1.2960-80 resistance area against the US Dollar moved down. The GBPUSD pair broke a major support trend line at 1.2890 formed on the hourly chart. In China today, the Caixin China Services PMI™ for April 2017 was released by Markit Economics. The result was below the forecast, as the China Services PMI posted a decline from the last reading of 52.2 to 51.5 in April 2017. GBPUSD Technical Analysis
The British Pound traded with a positive bias this past week and moved above the 1.2920 resistance area against the US Dollar. However, the pair failed to test the 1.3000 level, and traded as high as 1.2965. Later, it moved [...]